Sky rises at sky-high prices. This vertical trend is one of a few that are emerging in today’s luxury market, according to the latest Luxury Market Report published by Coldwell Banker Previews International®/NRT. The report outlines real estate trends and market activity in top luxury cities across the United States and abroad.
The Spring 2016 edition of the Luxury Market Report provides a closer look to what wealthy buyers are looking for in their next home – along with statistics on American cities and zip codes that produce the highest number of active home listings and closed home sales.
Here is a snapshot of what’s inside the Spring 2016 Luxury Market Report.
America’s top cities and ZIP codes for luxury home listings and sales – The list of Top 20 U.S. Cities for Luxury Home Listings and Sales points to a more stable pace of growth this year. Signs of change, for example, are originating from highly heated markets like Miami and San Francisco and emerging luxury hotspots like Austin.
Hot markets based on average-list-price to average-sale-price ratio – A new component to the data this year — average-list-price to average-sale-price ratio (ALP/ASP) — drills more deeply into identifying cities that may be hot sellers’ or buyers’ markets.
Trends in high-end vertical living – What do sky garages, drone landing pads and pet wellness centers have in common? They’re part of the creative amenity and lifestyle packages now being offered by developers of luxury high rises in cities like New York, Miami and Chicago to attract discriminating buyers.
Market activity in Greenwich, New York and London – Prime buying opportunities abound in some of Greenwich’s most prestigious addresses; Central Park views make New York’s most-wanted list, while discerning buyers in London look beyond the city’s top luxury addresses for more value.
Click here to view the full edition of the Luxury Market Report, which displays a city by city ranking, as well as further details on luxury home trends.
Luxury Spotlight: Park City, Utah
The touristic city of Park City is mainly known for being the location of the Sundance Film Festival and for its three major ski resorts. It’s also known for its beauty, being named one of the 20 “prettiest towns” in the United States by Forbes Traveler Magazine.
Skiing is big in Park City – and most tourists come to town to experience the thrill of the sport in one of the country’s most picturesque settings.
Its nearby location to reservoirs, hot springs, forests, and hiking and biking trails make it the ultimate nature lover’s dream home.
The incredible beauty and abundant outdoor activities do come at a hefty price though – making Park City one of Utah’s most prestigious places to live in.
The pretty town appears on six different Top 20 lists in the Luxury and Market Report and in four of those lists makes the top five.
Here is where Park City ranked in the top five in this edition of the Luxury Market Report:
- U.S. Cities with the Highest Number of Active Luxury Home Listings ($1M+ and $5M+)
- U.S. Zip Codes with the Highest Number of Active Luxury Home Listings ($1M+ and $5M+)
The gorgeous city of Park City is truly one of Utah’s most beloved gems.
More on the hottest U.S. cities and markets for luxury real estate can be found by downloading the Spring 2016 Luxury Market Report here.